Home / news / Hong Kong exodus begins: World’s 2nd largest jewellery chain Chow Tai Fook closing 15 stores

Hong Kong exodus begins: World’s 2nd largest jewellery chain Chow Tai Fook closing 15 stores

Hong Kong exodus begins: World’s 2nd largest jewellery chain Chow Tai Fook closing 15 stores

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8 comments

  1. This is the best tl;dr I could make, [original](https://www.ibtimes.sg/hong-kong-exodus-begins-worlds-2nd-largest-jewellery-chain-chow-tai-fook-closing-15-stores-37649) reduced by 72%. (I’m a bot)
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    > Chow Tai Fook, the world's second-most valuable jewellery chain, is closing 15 of its retail stories in Hong Kong, signalling the grim outlook luxury retailers face in the trouble-hit territory.

    > The jewellery chain saw its same-store sales fall for three consecutive quarters in Hong Kong and Macau, after the protests broke out, hitting tourist arrivals, the report said.

    > "The Hong Kong economy saw an abrupt deterioration in the second half of 2019. Consumption and tourism related sectors were hit hard by local social incidents. Moreover, the global economic slowdown and the escalated US-China trade war weighed further on Hong Kong's economic outlook," Bonjour said in the filing with the stock exchange.

    *****
    [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/eoln1f/hong_kong_exodus_begins_worlds_2nd_largest/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~458291 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **retail**^#1 **Hong**^#2 **Kong**^#3 **protests**^#4 **Chow**^#5

  2. It would be hard for any business in Hong Kong to keep going with months of constant protesting.

  3. This is such good news! As more people lose their jobs, it gives our heroic hk protesters more time to focus on what’s really important

  4. That is not part of the UK Exodus, just jewellery is no longer big money making business in HK. First, and most important blow was the house cleaning by Xi named “anti-corruption” that made it difficult for money laundering activities. The serious economic troubles in mainland reduced cash flow. The protests against mainland carriers (tourists?) reduced traffic. And this last month’s of protests against the extradition bill amendment just made life too difficult for jewellers.

    Luxurious name brand shops had been closing for a few months already. For same reasons.

  5. That’s alright. HK doesn’t need money. They have plenty of internet memes to ride out this storm.

  6. Even the other chain Ho Lee Fook is getting the Fook outta there.

  7. Free Hong Kong!

    of prosperity ex dee

  8. No worries, protest is more important

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